GST: Govt Likely to introduce release of Goods without Payment of Advance Duty
In order to speed up the movement of goods at border this already takes one week delay across borders, now the Government is planning to release imported items without any upfront duty payment as part of a revamp of the Customs framework. The upcoming first post-GST union budget is likely to include several measures aimed at relaxing the Customs regime for businesses. Other measure they...
In order to speed up the movement of goods at border this already takes one week delay across borders, now the Government is planning to release imported items without any upfront duty payment as part of a revamp of the Customs framework.
The upcoming first post-GST union budget is likely to include several measures aimed at relaxing the Customs regime for businesses. Other measure they are planning to include by making traders knowledge in advance regarding their tax liability.
The government officials reportedly said that government is also working on an overhaul of the Customs Act but some key measures could be frontloaded in the budget.
Imported goods are planned to release without upfront payment of duty may ease the movement of goods and if this system is reversed, goods will be released first with assessment of duty liability taking place subsequently.
